Hi all, I understand many of you first like to keep talking about 1.money management (position sizing, x%rule, stop losses etc) 2.psychology: handling a losing streak,discipline etc.. But , honestly, I'm full of that. I started swing trading after reading lots of recommended books: (tharp, Oz, elder, Murphy, schwartz) etc but it sure seems these fellows are be quiet about ONE thing....Actual systems, becaaause: a system has to fit the personality... right.. I can handle a system that fails 70% of the time.. I know all about expectancy.. I've programmed, paper traded, backtested and optimized many simple systems (MA crossovers, ...) in Amibroker on weekly and daily basis. I'm having 26k to trade with, and doing this on a weekly basis does not provide me far enough to quit my teaching job. I stick to the system to not becoming discretionary. But daytrading seems so different. I really want to become a daytrader learning all about L2, MMManipulation and so on. Where where o where did you learn? Were you lucky to get your hands on a system given by an altruist? Did you mix-max one out of many? Did you build up a system from scratch? I'm kind of stuck at this moment. D, Belgium
Rule #1: Don't lose money. Rule #2: See rule #1. Apparently you disregarded both by ... losing 1/2 of your account in 15 minutes. Sorry, but that's just plain stupid! Also, if you're really serious about trading you don't pay off your mortgage and cripple your trading account. Might as well quit then! What are you gonna do with $5K? Piss it away as well.
whoa, i dont think i make nearly enough to warrant a thread title like this! I'm sure there are 7 figure traders lurking around here somewhere (they probably dont post though).
I could tell you guys how to successfully daytrade but I will bet you everything in your trading account you will not do it. You guys don't want to trade, you want the money. I have met very few guys who actually willing to do what it takes. So what's the point?
Hi Maverick, Just as that Steve tv... I've seen you are a professional. I don't want to be rude, but I was expecting that kind of reply. I know this succesful trader here in Belgium, on this board under the name of Danielc1, and he states exactly the same. Well, I never really asked him for his "secret formula" so to speak, but I know he would say the same. He says getting a system from someone is easy, applying it is something totally different because everyone else has his own tolerance and believe systems. I can only tell you, the money I use is 'free money' and it would be a real bummer if it got lost, but I would not die for it. I'm just curious how daytrading system are designed. You can send me a PM me if you'd like.